52 slides from Irb Infrastructure Developers's earnings presentation, December 2020
Slide 1: Investor Presentation Q3FY21
Investor Presentation Q3FY21
Slide 2: Safe Harbour
Safe Harbour 2 This presentation has been prepared by IRB Infrastructure Developers Limited (the “Company”) solely for your information and for your use and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person (whether within or outside your organization or
Slide 3: Contents
3 Contents Strong Recovery across Projects 4 Key Highlights 19 Q3FY21 Results 23 Segmental Performance 28 Private InvIT – IRB Infrastructure Trust 36 Corporate Overview 39
Slide 4: Strong Recovery across Projects
4 Strong Recovery across Projects
Slide 5: Strong Recovery Across Projects – Mumbai Pune Project
5 Strong Recovery Across Projects – IRB Projects Mumbai Pune Project Total for the Quarter 3500 41.0 34.16 36.25 3106 36.0 30.89 Per day Collection 28.16 3000 31.0 26.35 26.90 (INR Mn) 24.22 23.75 26.0 28.18 21.0 16.0 20.33 19.41 19.22 2500 11.0 14.79 6.0 9.03 INR Mn 2000 1,200 1,124 1,025 1,000 958
Slide 6: Strong Recovery Across Projects – Ahmedabad Vadodara Project
6 Strong Recovery Across Projects – IRB Projects Ahmedabad Vadodara Project Total for the Quarter 1400 1310 17.0 14.71 1260 15.0 13.80 14.19 12.86 Per day Collection 12.73 12.29 11.88 1200 13.0 11.98 14.49 14.03 (INR Mn) 11.0 12.69 12.58 11.11 11.30 11.68 9.0 10.67 7.0 7.20 1000 5.0 3.0 4.17 INR Mn
Slide 7: Strong Recovery Across Projects – All IRB Projects
7 Strong Recovery Across Projects – IRB Projects All Projects* Total for the Quarter 5000 4650 60.0 53.64 47.15 50.84 4500 Per day Collection 50.0 43.31 40.77 42.02 38.80 37.01 (INR Mn) 40.0 43.29 4000 30.0 32.65 32.30 33.40 20.0 3500 23.23 10.0 14.01 14.88 16.55 17.09 13.97 3000 INR Mn 1,800 1,663
Slide 8: Strong Recovery – Kaithal RJ Border Project
8 Strong Recovery Across Projects – Private InvIT Projects Kaithal RJ Border Project Total for the Quarter 350 4.0 3.36 3.42 Per day Collection 3.01 293 2.77 300 3.0 2.75 2.57 2.66 (INR Mn) 2.60 2.58 2.68 2.74 2.78 2.57 2.35 2.56 2.0 2.41 248 2.02 250 1.46 1.0 INR Mn 200 120 104 102 100 90 86 86 150
Slide 9: Strong Recovery – Yedeshi Aurangabad Project
9 Strong Recovery Across Projects – Private InvIT Projects Yedeshi Aurangabad Project Total for the Quarter 500 6.0 4.90 5.11 444 4.47 450 5.0 Per day Collection 4.0 3.58 (INR Mn) 3.18 3.33 2.92 2.82 2.98 3.0 400 2.97 3.23 2.0 2.55 2.68 2.63 2.59 2.28 1.0 1.95 350 1.30 0.0 300 INR Mn 260 180 159 250
Slide 10: Strong Recovery – Solapur Yedeshi Project
10 Strong Recovery Across Projects – Private InvIT Projects Solapur Yedeshi Project Total for the Quarter 250 3.0 2.43 2.55 220 2.5 2.19 Per day Collection 1.99 1.99 2.0 1.90 1.78 1.66 (INR Mn) 2.07 2.15 1.5 1.90 200 1.52 1.60 1.51 1.0 1.52 1.17 1.18 0.5 0.77 160 0.0 150 INR Mn 90 79 80 73 68 67 70
Slide 11: Strong Recovery – Agra Etawah Project
11 Strong Recovery Across Projects – Private InvIT Projects Agra Etawah Project Total for the Quarter 450 6.0 5.07 5.0 4.00 400 Per day Collection 382 4.0 3.38 (INR Mn) 2.88 2.71 2.57 2.57 3.0 2.29 2.25 350 2.0 2.52 1.86 2.24 2.04 2.07 2.12 2.32 2.26 1.0 0.0 1.00 300 INR Mn 250 180 218 157 160 200 1
Slide 12: Strong Recovery – Hapur Moradabad Project
12 Strong Recovery Across Projects – Private InvIT Projects Hapur Moradabad Project Total for the Quarter 450 5.0 4.49 4.37 4.13 399 4.16 3.84 400 Per day Collection 4.0 3.33 3.42 (INR Mn) 3.0 3.66 3.73 3.85 3.27 3.50 3.37 3.27 340 2.98 350 2.0 2.15 1.0 1.09 300 0.0 INR Mn 250 160 136 135 140 128 12
Slide 13: Strong Recovery – Udaipur Shamlaji Project
13 Strong Recovery Across Projects – Private InvIT Projects Udaipur Shamlaji Project Total for the Quarter 400 5.0 3.84 354 3.87 3.96 3.90 3.80 336 Per day Collection 4.0 3.81 3.62 3.49 350 3.36 (INR Mn) 3.0 3.24 3.72 3.77 3.37 3.21 3.47 2.99 2.0 300 1.89 1.0 0.98 0.0 250 INR Mn 140 123 200 121 117
Slide 14: Strong Recovery – Chittorgarh Gulabpura Project
14 Strong Recovery Across Projects – Private InvIT Projects Chittorgarh Gulabpura Project Total for the Quarter 450 5.0 4.76 4.57 409 4.62 4.28 4.42 4.41 399 4.44 4.17 4.34 400 Per day Collection 4.0 4.28 4.30 4.30 4.41 3.96 3.90 (INR Mn) 3.0 3.83 2.73 350 2.0 1.0 1.57 0.0 300 INR Mn 250 160 143 143
Slide 15: Strong Recovery – Kishangarh Gulabpura Project
15 Strong Recovery Across Projects – Private InvIT Projects Kishangarh Gulabpura Project Total for the Quarter 300 282 4.0 274 3.32 3.25 3.03 3.10 3.11 3.14 2.94 3.14 3.06 Per day Collection 3.0 250 (INR Mn) 2.88 3.06 2.90 2.92 2.63 2.60 2.0 2.56 1.83 1.0 1.12 200 0.0 INR Mn 120 150 100 101 94 94 94
Slide 16: Strong Recovery – IRB West Coast Project
16 Strong Recovery Across Projects – Private InvIT Projects IRB West Coast Project Total for the Quarter 250 3.0 2.56 2.36 218 2.5 2.18 Per day Collection 1.98 2.0 1.67 (INR Mn) 1.53 1.43 1.5 1.21 200 0.88 1.0 0.5 0.0 150 INR Mn 90 79 80 71 68 70 Total Collection 59 100 60 (INR Mn) 52 50 46 44 37 40
Slide 17: Strong Recovery – Private InvIT All Projects
17 Strong Recovery Across Projects – Private InvIT Projects All Projects Total for the Quarter 3500 40.0 31.52 32.64 33.36 35.0 2991 Per day Collection 27.67 30.0 3000 25.74 24.54 (INR Mn) 25.24 23.88 25.0 22.15 20.0 23.35 25.03 25.21 23.67 22.23 23.24 22.91 15.0 16.81 2500 10.0 10.18 2243 5.0 INR M
Slide 18: Strong Recovery – Public InvIT All Projects
18 Strong Recovery Across Projects – Public InvIT Projects All Projects Total for the Quarter 5000 60.0 45.96 48.53 4500 4306 46.05 Per day Collection 50.0 44.43 45.63 45.80 4199 44.13 41.54 40.31 (INR Mn) 40.0 45.91 47.57 42.29 43.44 4000 38.63 30.0 36.48 36.82 20.0 27.55 3500 10.0 16.35 3000 INR M
Slide 19: Key Highlights
19 Key Highlights
Slide 20: Strong growth in Collections and robust recovery in Construction
20 Strong growth in Collections and robust recovery in Construction Company back to profit trajectory, wiping off accumulated losses of H1FY21 • Mumbai Pune reports stupendous • Strong recovery of 42% QoQ • Robust growth in Collections seen 42% QoQ growth for Q3FY21, growth seen for Construction in
Slide 21: NHAI accords “Excellent” Rating for 10 of the IRB Group projects
Recognition: 21 National Highways Authority of India (NHAI) accords “Excellent” rating for 9 of the projects NHAI accords managed/developed by IRB – as per the evaluation methodology devised by the authority to evaluate performance of Highways with the objective of improvement in terms of efficiency
Slide 22: Going cashless – across IRB Group assets
22 Going cashless – across IRB Group assets 80% 70% Government push 60% for Mandatory use RFID Collection 50% of FasTags De-mon in 40% Nov 2016 30% 20% 10% 0% • From miniscule 0.5% before De-monetisation, today over 69% collections are cashless for projects across IRB portfolio – including Public an
Slide 23: Q3FY21 Results
23 Q3FY21 Results
Slide 24: Consolidated Financial Results (YoY)
24 Consolidated Financial Results Amount in Rs Mn Segment Total All Segments Construction Segment BOT Segment Particulars Q3FY21* Q3FY20 %YoY Q3FY21* Q3FY20 %YoY Q3FY21* Q3FY20 %YoY Total Income 15,948.1 17,901.7 -10.9% 10,999.1 14,068.5 -21.8% 4,949.0 3,833.3 29.1% Earnings before interest, tax and
Slide 25: Consolidated Financial Results (QoQ)
25 Consolidated Financial Results Amount in Rs Mn Segment Total All Segments Construction Segment BOT Segment Particulars Q3FY21* Q2FY21 %QoQ Q3FY21* Q2FY21 %QoQ Q3FY21* Q2FY21 %QoQ Total Income 15,948.1 11,688.5 36.4% 10,999.1 7,775.3 41.5% 4,949.0 3,913.2 26.5% Earnings before interest, tax and 7,
Slide 26: Consolidated Financial Results (9M)
26 Consolidated Financial Results Amount in Rs Mn Segment Total All Segments Construction Segment BOT Segment Particulars 9MFY21* 9MFY20 %YoY 9MFY21* 9MFY20 %YoY 9MFY21* 9MFY20 %YoY Total Income 38,371.2 54,123.7 -29.1% 26,598.7 39,587.6 -32.8% 11,772.5 14,536.2 -19.0% Earnings before interest, tax
Slide 27: Consolidated Financials: Strong Track Record
27 Consolidated Financials: Strong Track Record REVENUE (INR MN) EBITDA (INR MN) 69,026 70,472 31,715 31,329 31,664 59,691 58,628 28,480 54,124 24,611 38,371 18,969 FY 2017 FY 2018 FY 2019 FY 2020* 9MFY20 9MFY21* FY 2017 FY 2018 FY 2019 FY 2020* 9MFY20 9MFY21* NETWORTH (INR MN) NET DEBT & NET DEBT T
Slide 28: Segmental Performance
28 Segmental Performance
Slide 29: Overview of EPC Order Book
29 Overview of EPC Order Book INR 113,093 Mn Robust Increase in Construction Revenue 2020 52,105 O&M in BOT / 2009 5,670 TOT Projects 69,263 Strong growth in Construction EBITDA EPC/ Construction in Ongoing BOT/ HAM 2020 15,576 Projects 43,830 2009 1,013 Order book Composition as on December 31, 202
Slide 30: BOT / HAM Portfolio Summary
BOT / HAM Portfolio Summary 30 Project Cost Sr. No. Name of BOT Project Client State Concession Period Toll Start Date ( INR Mn) 1. Ahmedabad Vadodara NHAI Gujarat 48,800 25 Years January 1, 2013 3 BOT Projects 2. Thane Ghodbunder MSRDC Maharashtra 2,462 15 Years December 25,2005 3. Pune – Nashik Mo
Slide 31: BOT Toll Revenue Comparative – IRB Projects
BOT Toll Revenue Comparative – IRB Projects 31 Amount in INR Mn ** FY2016-17 FY 2017-18 FY 2018-19 FY 2019- 20 FY2020-21 Gross BOT Toll Collection presented * FY21 numbers reflecting impact of toll collection suspension due to Covid-19 across the country **Mum-Pune 1.0 Concession ended on 10th Aug 2
Slide 32: BOT Toll Revenue Comparative – IRB Projects
BOT Toll Revenue Comparative – IRB Projects 32 Amount in INR Mn FY2016-17 FY 2017-18 FY 2018-19 FY 2019- 20 FY2020-21 Gross BOT Toll Collection presented * FY21 numbers reflecting impact of toll collection suspension due to Covid-19 across the country
Slide 33: BOT Toll Revenue Comparative – Private InvIT Projects
BOT Toll Revenue Comparative – Private InvIT Projects Amount in INR Mn 33 Gross BOT Toll Collection presented FY2016-17 FY 2017-18 FY 2018-19 FY 2019- 20 FY2020-21 * FY21 numbers reflecting impact of toll collection suspension due to Covid-19 across the country
Slide 34: BOT Toll Revenue Comparative – Private InvIT Projects
BOT Toll Revenue Comparative – Private InvIT Projects Amount in INR Mn 34 Gross BOT Toll Collection presented FY2016-17 FY 2017-18 FY 2018-19 FY 2019- 20 FY2020-21 * FY21 numbers reflecting impact of toll collection suspension due to Covid-19 across the country
Slide 35: BOT Toll Revenue Comparative – Private InvIT Projects
BOT Toll Revenue Comparative – Private InvIT Projects Amount in INR Mn 35 Gross BOT Toll Collection presented FY2016-17 FY 2017-18 FY 2018-19 FY 2019- 20 FY2020-21 * FY21 numbers reflecting impact of toll collection suspension due to Covid-19 across the country
Slide 36: Private InvIT – IRB Infrastructure Trust
36 Private InvIT IRB Infrastructure Trust
Slide 37: Private InvIT: IRB Infrastructure Trust
37 Private InvIT: IRB Infrastructure Trust IRB is 51% owner & sponsor of the Trust owning portfolio of 9 assets, GIC affiliates own the balance 49% Project Length Current Status and No. Name of the Project (in Lane Kms) Highlights Karnataka 758 1 Goa Kundapur 758 PCOD achieved Maharashtra 1,151 Hary
Slide 38: Private InvIT: Equity Valued at INR 136Bn
38 Private InvIT: Equity Valued at INR 136Bn • Self-sustainable portfolio, with equity support for under construction projects provided by Sponsor and Investor in ratio of unitholding. • INR 37.5Bn infused by Investor towards first tranche in Feb 2020, INR 30Bn of this amount used for part deleverag
Slide 39: Corporate Overview
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Slide 40: Business Structure
Business Structure aE IRB _ Pune Nashik BOT | Thane Ghodbunder BOT _ Vadodara Kim HAM | Gandeva Ena HAM 1TOT+3BOT+2 HAM project EPC + O&M + Head Office Consolidated 100% , 100% 100% | Business Segment Business Segment Other Non- Core 1-Toll & HAM l- Construction Holdings Mumbai Pune TOT Engg & Const
Slide 41: Complete Portfolio of Road Assets
41 Complete Portfolio of Road Assets BOT / HAM/ TOT PORTFOLIO – KM & LANE KM Lane Km Lane Km Total Particulars under Kms Operational Lane Km Development IRB 410 2,180 2,590 Private InvIT 3,321 2,571 5,892 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Public InvIT - 4,055 4,055 Cumulati
Slide 42: Pan India Presence
Pan India Presence Financially and technically pre-qualified, and best positioned to capture 42 the largest opportunities in the Road & Highways sector Portfolio Highlights Competitive Advantage Assets held under three entities: Only company in the sector to set-up vehicles to efficiently churn
Slide 43: IRB’s Unique Proposition – Attractive Value Proposition
IRB’s Unique Proposition 43 IRB has built itself into a Fully Integrated Player with In-House Management of All Facets: Tolling, Construction and O&M LARGEST ASSET BASE DEMONSTRATED TRACK RECORD IRB has the largest asset base in Incorporated in 1998 and now has Pan-India Roads sector of over INR
Slide 44: Construction Major
44 Construction Major Strong Construction Efficient Project Large Equipment Bank Ability to Independently Credentials Track Record Execution Capabilities with Cutting Edge Bid for large third party Country’s first ever BOT One of the largest BOT Projects executed Pan- Technologies contracts pr
Slide 45: Roadmap so far
45 Roadmap so far A Journey Spread Over More Than Three Decades of Developing World Class Roads & Highways Infrastructure Awarded 3 projects for Six Laning of Significant order Upfront payment of Kishangarh – Udaipur wins of INR 90 INR 9.18 bn to – Ahmedabad bn - 1 BOT and MSRDC for Mumbai – section
Slide 46: Shareholding Pattern
46 Shareholding Pattern Shareholding Pattern as on December 31, 2020 Top 5 Shareholders as on December 31, 2020 Sr. No. Name % 1 LIFE INSURANCE CORPORATION OF INDIA 5.99 FII/EPI 16.30% Promoter & 2 GOVERNMENT OF SINGAPORE 3.92 Floating Promoter DII shares Group 11.40% 3 SBI LONG TERM EQUITY FUND 2.9
Slide 47: Organization Structure
47 Organization Structure Mr. Virendra D. Mhaiskar (Chairman and Managing Director) Board of Directors Mrs. Deepali V. Mr. Mukesh Gupta Mr. Sudhir Hoshing Mr. Chandrashekhar Mr. Sunil H. Talati Mr. Sandeep Shah Ms. Heena Raja Mhaiskar Joint Managing Joint Managing S. Kaptan Independent Independent I
Slide 48: Corporate Finance
48 Corporate Finance Internal Auditors Statutory Auditors Mr. Rajkamal R. Bajaj Suresh Surana & Associates LLP BSR & Co LLP Advisor to the Board Chartered Accountants Chartered Accountants Joint Statutory Auditors Bankers / Lenders of IRB Group Gokhale & Sathe Andhra Bank Canara Bank Chartered Accou
Slide 49: Awards & Recognition
Awards & 49 Recognition EPC Company of the Year 2018 Award conferred on by the EPC World ET Edge Maharashtra Achievers’ Award 2018 was conferred on to Shri Virendra D. Mhaiskar. Chairman & Managing Director, IRB Infrastructure Developers Ltd., as ‘The Best Infra Person of the Year’ for his visionary
Slide 50: Awards & Recognition
Awards & 50 Recognition ‘Construction Times Award’ by Construction Times & Equipment Times, for our Solapur Yedeshi Project under category – Best BOT (Road Project of the Year) 2018 ‘FinanceAsia Achievement Award 2017 – Best India Deal’ Award by Hong Kong based FinanceAsia, on successfully launching
Slide 51: Our CSR Initiative
51 Our CSR Initiative We have replicated same model and have started a school in the We also generously Pathankot district of Punjab, near the Amritsar- Pathankot BOT project. contributed to the Chief Minister’s The School building was inaugurated on 27 March 2017.The school drought relief fund in M
Slide 52: Thank You
Thank You